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DBN joins Ohorongo Cement

Published on: 20 December 2010

Development Bank of Namibia takes 10% stake in Ohorongo Cement.

On 14 December 2010, the Development Bank of Namibia (DBN) and Schwenk Namibia signed a shareholders’ agreement approving the sale of 10% of Ohorongo Cement shares to the DBN. Managing Director Hans-Wilhelm Schütte is delighted to have the DBN on board. ‘Next to the present shareholders, Ohorongo couldn’t have wished for a more suitable and reliable long-term partner. I would like to personally welcome the representative of the DBN as new director on board. Given Ohorongo’s and the DBN’s common objectives of employment creation and income generation, there is no doubt in my mind that together we will successfull
y conclude the commissioning of our plant and roll out the marketing, selling and logistical infrastructure of our high quality cement.’

In the past, Namibia did not have an operating cement plant and all cement was imported, mainly from South Africa. By latest beginning next year this will change when Ohorongo markets its locally produced cement. With a capacity to produce double of the current Namibian cement demand, Ohorongo intends to sell beyond Namibia’s borders and is particularly interested to supply the markets of southern Angola.

Other nations, including the DRC, have also expressed interest in Ohorongo’s product. The export of cement to Angola and other countries will effectively transform Namibia from a net-importing to a net-exporting nation. The benefits to Namibia in terms of national income are expected to be substantial. Speaking at the signing ceremony, DBN CEO, David Nuyoma said that he looks forward to the Bank’s role on the Ohorongo board of directors. ‘We are proud to be part of this exciting project. In line with the DBN’s mandate to facilitate and promote development in Namibia, I look forward to productive cooperation with the other members of the board.’

He further commented that this project will have a hugely positive influence on the Otavi region in particular and also the country, given the fact that Ohorongo sources all its raw materials from within the borders of Namibia. ‘This effectively completes the entire value chain from processing of raw materials into the end product within the country,’ he noted.

Nuyoma emphasised that benefits arising from the Ohorongo project extend beyond employment and income creation alone. ‘Secondary industries will establish themselves; increased export figures will result in improved balance of payments and national tax revenue will expand, snowballing Namibian social and economic development. Besides the 300 per manent employees Ohorongo will employ at full production, it has a multiplier effect of between five and seven, meaning that an estimated 2,000 further job opportunities will be created through secondary businesses and second round effects.

‘Additionally, the secured supply of high quality cement allows Namibia, for the first time, to tackle major strategic projects in the civil, mining and energy sectors. The success of the project, further, serves as a clear example to other investors; that Namibia is a country with vast opportunity, offering a stable political and socio-economic environment. I believe that the effects of the Ohorongo project will filter through the entire Namibian economy, reaching all citizens.’

Categories: Media Releases

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